Oil Bounces on US Inventory Outlook
U.S. figures from the American Petroleum Institute (API) showed inventories shrinking by 1.4 million barrels over the past week versus expectations of a 2.4 million build drove Wednesday's price action. WTI Intermediate crude futures gained 1 percent to settle at $107.27 per barrel on the NYMEX.
Brent crude for May's contract was also up slightly compared to Tuesday's settlement. Front-month Brent settled at $124.20 per barrel, or 8 cents higher, at Wednesday's close.
Reformulated gasoline, which was up 16 percent since the end of January, surprisingly took a breather on Wednesday. Gasoline prices settled a penny lower at $3.357 per gallon for the day.
Natural gas, on the other hand, had a stronger showing for the day--up two cents to $2.36 per MMBtu at the settlement of the April contract.
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